PHILIPPINE: San Miguel confirms cash hunt
San Miguel Corp. has clarified claims that it is looking to raise funds for future acquisitions. The Philippine food and beverage giant confirmed today (23 January) that it is looking at ways to raise cash to support its operations and expansion.
In a disclosure to the Philippine stock exchange, San Miguel said: "The company confirms that it is currently exploring various alternatives to raise funds for the San Miguel group. However, no decision has been made yet on the alternatives to be pursued.
"Proceeds of any such fund raising exercise shall be utilised for general corporate purposes and acquisitions," the company added.
Local reports last week claimed that San Miguel is planning to raise around US$500m through an overseas bond offer. The reports said that proceeds from the issue would in part refinance a bridge loan facility the company had secured in 2005 to help fund the purchase of Australian company National Foods.
The reports prompted the stock exchange to request further information from San Miguel.
Sectors: Soft drinks
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